Interpretation of the slogan of Shenzhen Stock Exchange's new delisting rules

The new delisting rules will be released on February 3, 20201day. The stock delisting system refers to a policy of terminating the listing of listed companies' shares in the stock exchange. It plays a very important role in maintaining the financing function of the market, reducing the operating cost of the market and activating the market. The same is true of the survival of the fittest in the capital market, and then it is necessary to protect the legitimate rights and interests of small and medium-sized investors. Is there any money left after the stock is delisted? It is also a concern of investors.

Stock delisting includes active delisting and forced delisting. Active delisting means that listed companies apply for delisting because they think it is no longer necessary to maintain their listing status, or they think it is no longer conducive to the company's development, based on considerations such as realizing development strategy, maintaining reasonable valuation, stabilizing control rights, and making full use of the comparative advantages and cost-effectiveness of stock exchanges. Forced delisting means that the boss company violates some prompting systems and is forced to withdraw from the market.

On the evening of June 5438+February 3 1 2020, around the new round of delisting system reform, the Shanghai and Shenzhen Stock Exchanges officially issued a number of newly revised supporting rules, such as the Listing Rules of Shanghai Stock Exchange, the Listing Rules of Shenzhen Stock Exchange (hereinafter referred to as the Listing Rules) and the Listing Rules of Science and Technology Innovation Board Stock Exchange (hereinafter referred to as the new delisting rules). The new rules for delisting are released. This is the latest content.

Among them, the most concerned is to strictly set quantitative indicators for major financial fraud to withdraw from the market: shorten the fraud period from 3 years to 2 years; Reduce the proportion of fraud from 100% to 50%; The total amount of fraud decreased from 654.38+0 billion yuan to 500 million yuan; At the same time, new operating income indicators have been added. After the new regulations were issued by the Exchange, the CSRC also issued a question and answer, saying that the CSRC will broaden diversified exit channels, strengthen delisting supervision, speed up the formulation of relevant investor protection systems, strengthen supervision and accountability over the whole process and chain of issuance and listing, refinancing, mergers and acquisitions, and delisting, and promote the implementation of the listing rules of the Growth Enterprise Market of Shenzhen Stock Exchange.

The new nine points about delisting increase the market value of delisting. The following are the main points of the new delisting system.

1. Plus the delisting market value, if the total market value is less than 300 million yuan for 20 consecutive trading days, it will be delisted.

2. The par value delisting standard is clearly defined as "1 yuan delisting", and transitional arrangements have been made: the low-level time of stocks that touch the retracement begins before the introduction of the new regulations, and they enter the delisting consolidation period according to the original rules.

3. Cancel the delisting index of single net profit and revenue index. Under the new regulations, if the net profit before/after deduction is negative and the revenue is less than 654.38 billion yuan, put it in *ST, if the net profit before/after deduction is negative for two consecutive years and the revenue is less than 654.38 billion yuan, the listing will be terminated; If a non-standard audit report is issued for delisting risk warning stocks, it will touch the criteria for termination of listing.

4. New indicator of major illegal financial fraud: financial fraud has occurred for two consecutive years, and the total amount of false records in income, net profit, profit and balance sheet has reached more than 500 million yuan, accounting for more than 50% of the total amount of corresponding subjects in two years. The time when the suspension of major illegal acts continues shall be postponed from the date of receiving the prior notice of administrative punishment or the court judgment to the date of receiving the decision of administrative punishment or the effective date of the court judgment.

5 new normative indicators, information disclosure, standardized operation has major defects, and refuses to correct. More than half of the directors are unfaithful to the semi-annual report or the annual report. If the above situation occurs and is not corrected within two months after the suspension, the delisting risk warning will be implemented, and if it is not corrected within two months, the listing will be terminated.

6. Cancel the suspension of listing and resume listing, and make it clear that listing will be terminated if financial indicators are touched for two consecutive years. Where the company's shares are terminated, the convertible bonds shall be terminated at the same time.

7. There is no consolidation period for delisting, and there is no limit for other types of delisting on the first day of consolidation period. The delisting consolidation period was shortened from 30 trading days to 65,438+05 trading days.

8. Regarding the mandatory delisting of major violations of laws, the original provisions shall apply if the notice or decision of administrative punishment has been received before the introduction of the new provisions, and it may touch the mandatory delisting of major violations of laws; After the implementation of the new regulations, if the relevant notice is received, the financial data from 20 15 to 2020 shall be used according to the original rules and standards to determine whether there is a major illegal forced delisting situation, and the financial data from 2020 and beyond shall be used according to the new rules and standards to determine whether there is a major illegal forced delisting situation.

9. Shenzhen has set up a risk warning board, and the specific implementation time will be notified separately. Risk warning stocks and delisting consolidation stocks are traded on the risk warning board, and the upper limit of trading volume is set. The cumulative daily purchase of a single stock shall not exceed 500,000 shares. When ordinary investors buy stocks for the first time, they need to sign a risk disclosure book. Delisting and participating in stock merger need to reach the threshold of 2 years+500,000 yuan of asset investment experience.

In addition, the exchange has also set up transitional arrangements for the old and new delisting systems: if the listing has been suspended, the old delisting system will still be implemented after the disclosure of the 2020 annual report; If risk warning has been implemented, arrange the following treatment methods:

1. If the new delisting risk warning is not touched, the original listing will be suspended and the delisting risk warning will be cancelled;

2. If other risk warnings in the new regulations are not touched, other risk warnings shall be revoked;

3. If the new delisting risk warning is not touched, but the old suspension rules are touched, the listing will not be suspended and other risk warnings will be implemented;

4. Touch on risk warnings such as new regulations and delisting risk warnings, and implement risk warnings according to the new regulations.

The release of the new delisting rules is the above content. In the A-share market, if a company has the risk of delisting, it will trigger the delisting system. The exchange will warn investors of risks and give them enough time to sell their shares. At this time, investors should not study the K-line slowly, because at this time, it is extremely difficult to find a takeover for stocks that meet the mandatory delisting conditions. Even if the stock is successfully sold, the difference between the selling price and the buying price is often the difference between the clearance sale and the listing of new products. For the above reasons, investors often talk about the delisting of China's domestic stock market, but in fact, delisting is just a routine operation to protect the market. A good delisting system is more conducive to eliminating bad stocks and making the stock market develop healthily. Whether it is voluntary delisting or forced delisting, it is nothing new in foreign stock markets, but in China's domestic stock market, there are very few companies in these two situations.